Beatties’ former flagship store in Birmingham, which closed amid spiralling losses, is set to become a thriving shopping centre once again with three big names signed up to the site.

New Look, Mothercare and JJB Sports have agreed long-term leases with site owners Redevco. Beatties quit the prime Corporation Street spot more than two years ago with losses of £7 million. Since its departure the former department store site has undergone a £5 million facelift.

The announcement of its new occupiers is being hailed as the dawn of a new retail era.

Redevco Portfolio David Smith said he was delighted the project was about to take off and the new tenants were now fitting out their premises with some stores opening as early as next month.

He said he thought the big name shops would help counter the effect of the Bullring which some critics claim has had a negative effect on the older shopper streets such as Corporation Street and New Street.

New Look is taking around 40,000 sq ft of space and Mothercare and Early Learning Centre 15,000 sq ft. JJB Sports is to occupy a further 25,000 sq ft in the basement.

New Look is closing its current store in the Pallasades shopping centre and relocating to the Corporation Street site and will open on March 21.

Mothercare will open its doors on March 6.

Redevco will invest £7.6 million in the property.

David Smith, portfolio director at Redevco UK, said: “We believe we are creating a high quality product which is vindicated by the calibre of retailer we have been able to attract to the scheme.

“These are important lettings for Corporation Street and will hopefully generate momentum to enhance the retail offer in the street.”

The Beatties store opened in Birmingham in 2001 but never managed to make a profit.